All Forum Posts by: Ryan Hoover

Hello All!

I have a great CPA that I have utilized for the past few years.  She is very well versed in managing accounting laws for real estate and has been able to craft a few creative strategies to help me save a ton on my business.  I will say, it's not the cheapest accounting firm, but the service, attention to detail, and strategy have been invaluable to my growth.

Elizabeth Hale- eeCPA

https://eecpa.com/

@Christina Kang All the areas you are looking at are great and in very high demand.  I would say you have experienced some of the draw back of the Grayhawk area.  It's a more established neighborhood with a higher point of entry with older homes.  While Desert Ridge and Sky Crossing have a lot of runway for even more appreciation as the area is still under a lot of development. 

I think you broke down the choices nicely, but it's a personal choice that you have to decide.  Do you prefer a property that needs work, but will be higher forced appreciation when completed?  Or like the thought of a newer build with a warranty and less headaches.  Also something to think about, is if you are considering making it a rental, too high of a price point takes longer to rent out with a smaller pool of tenants.

At the end of the day, I think it's hard to mess up and make a bad decision in the areas you are searching.  Let me know if you want any help, those are the areas I work and live near.  From experience, Desert Ridge is an amazing rental market.  I have helped an out of town investor purchase 2 homes in that area that are doing great.

I’m with you... everyone keeps wondering when we are going to hit the top of this market, but we keep climbing at a much healthier pace than before the housing collapse.  I stay informed with every local economic forecast that I can and most agree this market has some great potential to match this year’s performance in 2021.

Also can be difficult to find cash flowing homes off the MLS, but they are out there. Hard to find more than a couple hundred dollars in cash flow unless you are willing to perform a renovation. The opportunity cost of waiting longer is a big one though, something that needs to be weighed.

@Cody Barna I am not that familiar with the Tuscan area, but here there is a lot more small multi-family if that’s what you are interested in.  I already cover majority of the greater Phoenix area and summer/vacation homes in the White Mountains.  Don’t want to spread myself too thin by adding another market.

Well keep in touch if you are thinking about coming out here to invest and/or live.  Happy to help any way that I can!

Much appreciated!  I would say we are in a very high appreciation market but with a lot of economic tailwind to support this market for some time.  Very high number of out of state buyers are flocking over and there is not enough supply of homes for sale to keep up with demand.  Which is pushing them to rentals and now even apartments have waiting lists for tenants.

Your other point is true as well, not very much multifamily properties available especially in the 2-4 units.  Most of them were constructed in the 50’s and doesn’t seem to be much growth for new developments of that size. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $333,000
Cash invested: $69,000

Purchased this 1535 SqFt, 3 bed, 2 bath, 1999 build SFH in a great family neighborhood of Cave Creek, AZ. Put 20% down and then completed a full renovation of the interior for an additional $30k. The house was rented out before the project even got completed for $2k a month, which is about $450 a month cash flow after property management and overhead.

Fall is officially here, but there does not appear to be any end in sight to the blazing hot real estate market. In a typical year (which 2020 has been anything but) the peak buying season starts to wind down in October, leading to an increase of available inventory. We are in serious need of some more listings to slow down the rate of the pricing increases. Multiple offers and sold in the first day of going to market are going to be the normal for at least a while longer. Not to say that deals can't be found in the MLS, but definitely harder to find. I primarily focus on properties in the greater Phoenix area and summer/vacation homes in the White Mountains. So I have some interesting market stats for those markets below.

Single Family Homes- Maricopa County:

• Active Listings= 14,088 (+3% Month over Month)
• Days on Market= 40 (-20%)
• Median Sale Price= $362,000 (+3%)

Single Family Homes- Navajo County (White Mountains):

• Active Listings= 122 (-40% Month over Month)
• Days on Market= 63 (-17%)
• Median Sale Price= $345,150 (+11%)

@Jan Vandenberg During the 10 day inspection period (when utilizing the AAR contract) you can request any document that are pertinent to your purchase.  If you don't get the responses or information you expected, you can cancel the contract and receive a full refund on your deposit.

Yes you can pickup the lease if there is still one and have the seller transfer the deposits to you at closing.  More times than not, the tenants are on month to month leases which may or may not be in writing.  That's when its very important to do your due diligence and have the owner provide proof of rents and find out about any deposits outstanding.

Project completed and already rented for $1600!  Which is a new high for the area on a 2bed/2bath/1000Sqft Duplex unit.  Final pictures turned out amazing!  Now I have a feeling that my wife is going to make me utilize the same stone for a project on my home.

@Jared Sutherland I have one contractor that I use primarily and he is subbing out the jobs he doesn’t have the crews to do.